<![CDATA[BlackRock Utility & Infrastructure Trust]]>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22606

Name of Fund: BlackRock Utility and Infrastructure Trust (BUI)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Utility and Infrastructure Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2013

Date of reporting period: 01/31/2013

Item 1 – Schedule of Investments

  

 

Schedule of Investments January 31, 2013 (Unaudited)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

  

Australia – 2.5%

  

   

Sydney Airport

      594,100       $ 1,967,710   

Transurban Group

      1,055,100         6,715,234   
     

 

 

  
        8,682,944   

 

  

Brazil – 13.5%

  

   

CCR SA

      1,143,000         11,795,340   

Cia de Saneamento Basico do Estado de Sao Paulo

      141,900         6,391,860   

Cia de Saneamento de Minas Gerais - COPASA

      331,100         8,057,401   

Cia Energetica de Minas Gerais - ADR

      371,500         4,079,070   

EDP - Energias do Brasil SA

      657,900         4,027,319   

Santos Brasil Participacoes SA

      110,200         1,770,859   

Tractebel Energia SA

      603,300         10,721,765   
     

 

 

  
        46,843,614   

 

  

Canada – 5.5%

  

   

BCE, Inc. (a)

      113,100         5,023,902   

Pembina Pipeline Corp. (a)

      83,700         2,428,592   

Rogers Communications, Inc., Class B (a)

      68,200         3,169,310   

Shaw Communications, Inc., Class B (a)

      145,200         3,397,802   

TransCanada Corp. (a)

      104,400         4,941,572   
     

 

 

  
        18,961,178   

 

  

France – 1.6%

  

   

Aeroports de Paris

      27,200         2,241,957   

Vinci SA

      65,200         3,318,896   
     

 

 

  
        5,560,853   

 

  

Germany – 0.7%

  

   

E.ON SE

      40,200         699,003   

Fraport AG Frankfurt Airport Services Worldwide

      30,000         1,818,327   
     

 

 

  
        2,517,330   

 

  

Hong Kong – 3.8%

  

   

China Merchants Holdings International Co. Ltd.

      1,243,000         4,405,713   

Guangdong Investments Ltd.

      4,500,000         3,735,680   

Power Assets Holdings Ltd.

      590,900         5,119,977   
     

 

 

  
        13,261,370   

 

  

Italy – 5.0%

  

   

Atlantia SpA

      373,570         6,898,124   

Enel Green Power SpA

      790,000         1,628,939   

Enel SpA

      604,300         2,634,835   

Gemina SpA (b)

      1,665,530         2,868,817   

Snam SpA

      670,300         3,389,316   
     

 

 

  
        17,420,031   

 

  

Norway – 1.6%

  

   

Telenor ASA

      243,900         5,373,242   

 

  

Spain – 1.3%

  

   

Abertis Infraestructuras SA

      255,900         4,381,313   

 

  
Common Stocks    Shares      Value  

 

  

United Kingdom – 6.0%

  

   

BT Group Plc

      1,949,900       $ 7,691,816   

National Grid Plc

      944,600         10,342,984   

Severn Trent Plc

      24,500         630,175   

Vodafone Group Plc - ADR

      84,400         2,305,808   
     

 

 

  
        20,970,783   

 

  

United States – 55.7%

  

   

Access Midstream Partners LP (a)

      87,576         3,194,772   

American Electric Power Co., Inc. (a)

      58,000         2,626,820   

American Tower Corp. - REIT (a)

      150,200         11,437,730   

American Water Works Co., Inc.

      176,900         6,771,732   

Aqua America, Inc.

      299,200         8,147,216   

AT&T Inc. (a)

      170,500         5,931,695   

CenturyLink, Inc. (a)

      158,700         6,419,415   

CMS Energy Corp.

      268,800         6,908,160   

Consolidated Edison, Inc. (a)

      75,300         4,283,064   

Crown Castle International Corp. (a)(b)

      23,000         1,621,960   

DCP Midstream Partners LP

      29,708         1,340,128   

Delek Logistics Partners LP (b)

      39,400         1,020,066   

Dominion Resources, Inc.

      89,700         4,853,667   

Duke Energy Corp. (a)

      70,368         4,837,096   

Edison International

      144,900         6,982,731   

Enbridge Energy Partners LP (a)

      29,584         886,928   

Energy Transfer Partners LP

      28,496         1,339,027   

Entergy Corp. (a)

      39,600         2,558,160   

Enterprise Products Partners LP

      30,077         1,704,464   

Exelon Corp. (a)

      69,300         2,178,792   

FirstEnergy Corp.

      106,400         4,308,136   

Frontier Communications Corp. (a)

      793,400         3,625,838   

Genesis Energy LP

      38,569         1,553,945   

Hi-Crush Partners LP (a)

      83,661         1,414,708   

ITC Holdings Corp.

      47,800         3,871,800   

Kinder Morgan Energy Partners LP (a)

      6,942         617,144   

MarkWest Energy Partners LP (a)

      59,371         3,278,467   

NextEra Energy, Inc. (a)

      120,400         8,674,820   

Northeast Utilities

      72,300         2,944,779   

NorthWestern Corp.

      160,100         5,922,099   

NRG Energy, Inc. (a)

      179,100         4,298,400   

NV Energy, Inc.

      195,400         3,698,922   

ONEOK Partners LP

      13,345         795,362   

Pepco Holdings, Inc.

      231,900         4,526,688   

PG&E Corp.

      110,400         4,707,456   

Pinnacle West Capital Corp.

      70,800         3,779,304   

Plains All American Pipeline LP

      64,292         3,388,188   

PPL Corp. (a)

      73,000         2,211,170   

Public Service Enterprise Group, Inc.

      160,201         4,995,067   

SBA Communications Corp, Class A (a)(b)

      23,500         1,637,010   

Seadrill Partners LLC

      39,600         1,146,420   

Sempra Energy

      75,000         5,628,750   

The Southern Co.

      80,500         3,560,515   
 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:    ADR      American Depositary Receipt    GBP      British Pound
   AUD      Australian Dollar    HKD      Hong Kong Dollar
   BRL      Brazil Real    NOK      Norwegian Krone
   CAD      Canadian Dollar    REIT      Real Estate Investment Trust
   EUR      Euro    USD      US Dollar

 

                 
        JANUARY 31, 2013    1

  

 

Schedule of Investments (continued)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

  

United States (concluded)

  

   

Verizon Communications, Inc. (a)

      233,400       $ 10,178,574   

Westar Energy, Inc.

      89,200         2,682,244   

Western Gas Partners LP

      24,314         1,278,187   

Williams Partners LP

      27,890         1,415,139   

Wisconsin Energy Corp.

      113,600         4,479,248   

Xcel Energy, Inc.

      134,000         3,722,520   

Xylem, Inc. (a)

      151,600         4,234,188   
     

 

 

  
        193,618,711   

 

  

Total Long-Term Investments

      

(Cost – $ 302,994,658) – 97.2%

         337,591,369   

 

  

    

      
     
Short-Term Securities              

 

  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

      14,812,194         14,812,194   

 

  

Total Short-Term Securities

      

(Cost – $ 14,812,194) – 4.3%

         14,812,194   

 

  

Total Investments Before Options Written

  

   

(Cost – $ 317,806,852*) – 101.5%

         352,403,563   

 

  

    

      
     
Options Written         Value  

 

  

(Premiums Received – $2,219,484) – (0.9)%

    $ (3,023,977 ) 

 

  

Total Investments Net of Options Written – 100.6%

      349,379,586   

Liabilities in Excess of Other Assets – (0.6)%

      (2,014,700 ) 
     

 

 

  

Net Assets – 100.0%

       $ 347,364,886   
     

 

 

  
 

 

Notes to Schedule of Investments

 

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 319,503,832   
  

 

 

  

Gross unrealized appreciation

    $ 37,182,652   

Gross unrealized depreciation

      (4,282,921 ) 
  

 

 

  

Net unrealized appreciation

    $ 32,899,731   
  

 

 

  

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
(c) Represents the current yield as of report date.
(d) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
October 31,
2012		     

Net

Activity

     

Shares

Held at

January 31,

2013

      Income      Realized
Gain		  

BlackRock Liquidity Funds, TempFund,

Institutional Class

      7,229,592         7,582,602         14,812,194       $ 3,116       $ 214   

 

  

 

—  

Foreign currency exchange contracts as of January 31, 2013 were as follows:

 

 

  

Currency

Purchased

   

Currency

Sold

      Counterparty    Settlement
Date		    Unrealized
Appreciation
(Depreciation)		  

 

  

USD    1,060,405

    EUR 786,004       Deutsche Bank Securities Corp.    2/01/13    $ (6,825 ) 

EUR       363,000

    USD      492,083       BNP Paribas SA    2/04/13      806   

EUR       416,000

    USD 563,541       Citigroup Global Markets, Inc.    2/04/13      1,312   

HKD       116,000

    USD 14,955       Barclays Capital, Inc.    2/04/13      3   

 

  

Total

             $ (4,704 ) 
           

 

 

  

 

                 
2         JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

 

—  

Exchange-Traded options written as of January 31, 2013 were as follows:

 

  
Description    Put/
Call		     

Strike

Price

        Expiration
Date		      Contracts        Market
Value		  

 

  

BCE, Inc.

    Call      USD 42.50         2/04/13        80         $ (15,360 ) 

Consolidated Edison, Inc.

    Call      USD 56.90         2/16/13        249           (11,210 ) 

Access Midstream Partners LP

    Call      USD 35         2/18/13        100           (14,500 ) 

American Electric Power Co., Inc.

    Call      USD 44         2/18/13        210           (27,300 ) 

American Tower Corp. - REIT

    Call      USD 77.50         2/18/13        500           (20,000 ) 

Duke Energy Corp.

    Call      USD 67.50         2/18/13        250           (35,000 ) 

Enbridge Energy Partners LP

    Call      USD 30         2/18/13        100           (1,750 ) 

MarkWest Energy Partners LP

    Call      USD 52.50         2/18/13        50           (13,750 ) 

NRG Energy, Inc.

    Call      USD 24         2/18/13        50           (2,375 ) 

Shaw Communications, Inc., Class B

    Call      CAD 23         2/18/13        480           (25,025 ) 

SBA Communications Corp, Class A

    Call      USD 73         3/04/13        5           (136 ) 

Crown Castle International Corp.

    Call      USD 74         3/08/13        75           (2,284 ) 

American Tower Corp. - REIT

    Call      USD 80         3/18/13        75           (3,563 ) 

AT&T Inc.

    Call      USD 35         3/18/13        292           (17,520 ) 

CenturyLink, Inc.

    Call      USD 41         3/18/13        300           (11,250 ) 

Entergy Corp.

    Call      USD 65         3/18/13        70           (5,250 ) 

Frontier Communications Corp.

    Call      USD 4.50         3/18/13        1,400           (24,500 ) 

Kinder Morgan Energy Partners LP

    Call      USD 90         3/18/13        23           (2,380 ) 

MarkWest Energy Partners LP

    Call      USD 55         3/18/13        115           (10,925 ) 

NRG Energy, Inc.

    Call      USD 24         3/18/13        232           (19,720 ) 

Pembina Pipeline Corp.

    Call      CAD 29.50         3/18/13        300           (5,113 ) 

Rogers Communications, Inc., Class B

    Call      CAD 47         3/18/13        240           (17,686 ) 

TransCanada Corp.

    Call      CAD      48.50         3/18/13        344           (16,038 ) 

Verizon Communications, Inc.

    Call      USD 43         3/18/13        700           (87,150 ) 

Verizon Communications, Inc.

    Call      USD 45         3/18/13        77           (2,233 ) 

NextEra Energy, Inc.

    Call      USD 71.95         3/25/13        200           (26,273 ) 

AT&T Inc.

    Call      USD 35         4/22/13        125           (9,375 ) 

Exelon Corp.

    Call      USD 31         4/22/13        120           (12,600 ) 

Hi-Crush Partners LP

    Call      USD 20         4/22/13        17           (935 ) 

PPL Corp.

    Call      USD 29         4/22/13        150           (20,625 ) 

Verizon Communications, Inc.

    Call      USD 45         4/22/13        75           (3,825 ) 

Xylem, Inc.

    Call      USD 30         4/22/13        50           (3,500 ) 

 

  

Total

                        $ (469,151 ) 
                      

 

 

  

 

—  

Over-the-counter options written as of January 31, 2013 were as follows:

 

 

  
Description    Counterparty    Put/
Call		   

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

AT&T Inc.

    Morgan Stanley & Co., Inc.    Call    USD 34.08       2/04/13      13,500       $ (9,585 ) 

Edison International

    Goldman Sachs & Co.    Call    USD 44.75       2/04/13      9,000         (30,960 ) 

NextEra Energy, Inc.

    Morgan Stanley & Co., Inc.    Call    USD 68.26       2/04/13      19,500         (73,905 ) 

Xcel Energy, Inc.

    JPMorgan Chase Securities    Call    USD 27.39       2/05/13      45,000         (19,051 ) 

NorthWestern Corp.

    Morgan Stanley & Co., Inc.    Call    USD 35.15       2/06/13      26,800         (49,312 ) 

CCR SA

    UBS Securities LLC    Call    BRL 18.71       2/07/13      95,000         (87,866 ) 

Cia de Saneamento de Minas Gerais - COPASA

    UBS Securities LLC    Call    BRL 44.83       2/07/13      37,900         (69,511 ) 

Santos Brasil Participacoes SA

    UBS Securities LLC    Call    BRL 30.90       2/07/13      12,100         (8,126 ) 

Sempra Energy

    Morgan Stanley & Co., Inc.    Call    USD 72.66       2/07/13      24,500         (58,555 ) 

Tractebel Energia SA

    UBS Securities LLC    Call    BRL 34.41       2/07/13      62,500         (35,875 ) 

Genesis Energy LP

    Citigroup Global Markets, Inc.    Call    USD      36.44       2/08/13      11,000         (42,361 ) 

Public Service Enterprise Group, Inc.

    Credit Suisse First Boston    Call    USD 30.61       2/08/13      47,000         (26,644 ) 

 

                 
        JANUARY 31, 2013    3

  

 

Schedule of Investments (continued)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

 

—  

Over-the-counter options written as of January 31, 2013 were as follows: (continued)

 

 

  
Description    Counterparty    Put/
Call		   

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

AT&T Inc.

    Morgan Stanley & Co., Inc.    Call    USD 34.08       2/11/13      13,500       $ (10,962 ) 

Vodafone Group Plc - ADR

    Morgan Stanley & Co., Inc.    Call    USD 26.24       2/11/13      14,000         (15,120 ) 

Abertis Infraestructuras SA

    Morgan Stanley & Co., Inc.    Call    EUR 12.68       2/12/13      85,000         (21,186 ) 

Aeroports de Paris

    Morgan Stanley & Co. Inc.    Call    EUR 63.06       2/12/13      9,000         (2,763 ) 

Fraport AG Frankfurt Airport Services Worldwide

    Deutsche Bank Securities Corp.    Call    EUR 44.92       2/12/13      9,900         (5,506 ) 

Cia de Saneamento de Minas Gerais - COPASA

    Credit Suisse First Boston    Call    BRL 43.81       2/13/13      35,700         (84,064 ) 

EDP - Energias do Brasil SA

    Credit Suisse First Boston    Call    BRL 12.76       2/13/13      87,100         (3,535 ) 

Santos Brasil Participacoes SA

    UBS Securities LLC    Call    BRL 30.90       2/21/13      12,100         (10,628 ) 

Dominion Resources, Inc.

    Credit Suisse First Boston    Call    USD 54.21       2/22/13      15,000         (7,787 ) 

Xylem, Inc.

    Credit Suisse First Boston    Call    USD 27.76       2/22/13      40,000         (27,130 ) 

Aqua America, Inc.

    JPMorgan Chase Securities    Call    USD 26.22       2/25/13      31,000         (48,783 ) 

BCE, Inc.

    Citigroup Global Markets, Inc.    Call    USD 43.07       2/25/13      19,500         (26,403 ) 

BCE, Inc.

    Deutsche Bank Securities Corp.    Call    USD 44.25       2/25/13      10,000         (4,636 ) 

CenturyLink, Inc.

    Citigroup Global Markets, Inc.    Call    USD 39.94       2/25/13      28,800         (23,972 ) 

DCP Midstream Partners LP

    JPMorgan Chase Securities    Call    USD 43.77       2/25/13      10,000         (13,715 ) 

Delek Logistics Partners LP

    JPMorgan Chase Securities    Call    USD 24.11       2/25/13      13,500         (23,990 ) 

ITC Holdings Corp.

    Goldman Sachs & Co.    Call    USD 79       2/25/13      16,000         (44,263 ) 

MarkWest Energy Partners LP

    Deutsche Bank Securities Corp.    Call    USD 53.15       2/25/13      3,000         (6,434 ) 

Public Service Enterprise Group, Inc.

    Deutsche Bank Securities Corp.    Call    USD 30.11       2/25/13      6,000         (6,432 ) 

Sempra Energy

    Goldman Sachs & Co.    Call    USD 72.18       2/25/13      3,000         (8,610 ) 

Wisconsin Energy Corp.

    JPMorgan Chase Securities    Call    USD 37.50       2/25/13      39,700         (76,621 ) 

Santos Brasil Participacoes SA

    UBS Securities LLC    Call    BRL 30.90       2/27/13      12,100         (11,474 ) 

Frontier Communications Corp.

    Credit Suisse First Boston    Call    USD 4.51       2/28/13      141,000         (17,393 ) 

Pepco Holdings, Inc.

    JPMorgan Chase Securities    Call    USD 19.25       2/28/13      76,600         (30,609 ) 

American Water Works Co., Inc.

    Morgan Stanley & Co., Inc.    Call    USD 38.82       3/01/13      19,600         (6,665 ) 

Northeast Utilities

    Morgan Stanley & Co., Inc.    Call    USD 39.39       3/01/13      6,000         (8,516 ) 

Aqua America, Inc.

    JPMorgan Chase Securities    Call    USD 26.48       3/04/13      31,000         (43,490 ) 

China Merchants Holdings International Co. Ltd.

    JPMorgan Chase Securities    Call    HKD 26.54       3/04/13      206,000         (37,990 ) 

Edison International

    Credit Suisse First Boston    Call    USD 46.97       3/04/13      21,000         (29,317 ) 

Guangdong Investments Ltd.

    JPMorgan Chase Securities    Call    HKD 6.25       3/04/13      1,484,000         (48,395 ) 

NV Energy, Inc.

    JPMorgan Chase Securities    Call    USD 19.03       3/04/13      34,000         (8,477 ) 

Pinnacle West Capital Corp.

    Citigroup Global Markets, Inc.    Call    USD 53.67       3/04/13      21,400         (8,689 ) 

Pinnacle West Capital Corp.

    JPMorgan Chase Securities    Call    USD 53.13       3/04/13      2,000         (1,328 ) 

CCR SA

    Credit Suisse First Boston    Call    BRL 19.90       3/05/13      192,600         (84,623 ) 

Energy Transfer Partners LP

    UBS Securities LLC    Call    USD 46.34       3/05/13      9,500         (9,604 ) 

Plains All American Pipeline LP

    Morgan Stanley & Co., Inc.    Call    USD 51.97       3/05/13      21,200         (24,216 ) 

SBA Communications Corp, Class A

    Morgan Stanley & Co., Inc.    Call    USD 71       3/05/13      7,700         (7,037 ) 

American Water Works Co., Inc.

    Morgan Stanley & Co., Inc.    Call    USD 38.49       3/06/13      10,000         (5,068 ) 

Atlantia SpA

    Morgan Stanley & Co., Inc.    Call    EUR 13.60       3/06/13      123,300         (53,580 ) 

BT Group Plc

    Morgan Stanley & Co., Inc.    Call    GBP 2.49       3/06/13      645,000         (76,975 ) 

Enel SpA

    Deutsche Bank Securities Corp.    Call    EUR 3.25       3/06/13      199,500         (18,048 ) 

National Grid Plc

    Deutsche Bank Securities Corp.    Call    GBP 6.94       3/06/13      157,400         (17,329 ) 

Severn Trent Plc

    Citigroup Global Markets, Inc.    Call    GBP 16.02       3/06/13      8,100         (5,539 ) 

Snam SpA

    Deutsche Bank Securities Corp.    Call    EUR 3.80       3/06/13      221,200         (8,336 ) 

Vinci SA

    Morgan Stanley & Co., Inc.    Call    EUR 37.32       3/06/13      21,600         (26,655 ) 

PG&E Corp.

    Deutsche Bank Securities Corp.    Call    USD      40.91       3/07/13      36,600         (66,971 ) 

 

                 
4         JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

 

—  

Over-the-counter options written as of January 31, 2013 were as follows: (concluded)

 

 

  
Description    Counterparty    Put/
Call		   

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

Aqua America, Inc.

    Citigroup Global Markets, Inc.    Call    USD 27.23       3/08/13      37,000       $ (39,352 ) 

Dominion Resources, Inc.

    Morgan Stanley & Co., Inc.    Call    USD 52.86       3/08/13      14,600         (23,382 ) 

Western Gas Partners LP

    Deutsche Bank Securities Corp.    Call    USD 49.75       3/08/13      8,000         (24,941 ) 

Access Midstream Partners LP

    Morgan Stanley & Co., Inc.    Call    USD 36.50       3/11/13      21,500         (25,197 ) 

American Water Works Co., Inc.

    Morgan Stanley & Co., Inc.    Call    USD 38.49       3/11/13      10,000         (5,463 ) 

Edison International

    Credit Suisse First Boston    Call    USD 46.97       3/11/13      21,000         (29,085 ) 

Firstenergy Corp.

    Credit Suisse First Boston    Call    USD 39.89       3/11/13      35,500         (31,921 ) 

NV Energy, Inc.

    JPMorgan Chase Securities    Call    USD 19.12       3/11/13      34,000         (8,132 ) 

Vodafone Group Plc - ADR

    Citigroup Global Markets, Inc.    Call    USD 26.11       3/11/13      5,000         (6,300 ) 

Vodafone Group Plc - ADR

    Citigroup Global Markets, Inc.    Call    USD 26.72       3/11/13      8,800         (8,592 ) 

National Grid Plc

    Deutsche Bank Securities Corp.    Call    GBP 6.99       3/12/13      157,400         (13,970 ) 

PPL Corp.

    UBS Securities LLC    Call    USD 29.41       3/12/13      5,000         (4,726 ) 

Telenor ASA

    Citigroup Global Markets, Inc.    Call    NOK      120.75       3/12/13      80,500         (43,231 ) 

CCR SA

    Citigroup Global Markets, Inc.    Call    BRL 20.47       3/13/13      89,600         (26,170 ) 

Xylem, Inc.

    Citigroup Global Markets, Inc.    Call    USD 27.91       3/13/13      10,000         (8,146 ) 

Enel Green Power SpA

    Deutsche Bank Securities Corp.    Call    EUR 1.54       3/20/13      277,000         (19,410 ) 

Gemina SpA

    Citigroup Global Markets, Inc.    Call    EUR 1.30       3/20/13      580,000         (79,008 ) 

Cia de Saneamento Basico do Estado de Sao Paulo

    UBS Securities LLC    Call    BRL 92.13       3/21/13      46,800         (67,043 ) 

Cia de Saneamento de Minas Gerais - COPASA

    Citigroup Global Markets, Inc.    Call    BRL 47.84       3/21/13      35,700         (42,508 ) 

EDP - Energias do Brasil SA

    UBS Securities LLC    Call    BRL 12.66       3/21/13      87,100         (14,679 ) 

Tractebel Energia SA

    Citigroup Global Markets, Inc.    Call    BRL 36.75       3/21/13      97,500         (40,010 ) 

Northeast Utilities

    Credit Suisse First Boston    Call    USD 39.16       3/22/13      18,000         (32,446 ) 

NRG Energy, Inc.

    JPMorgan Chase Securities    Call    USD 24.47       3/25/13      31,000         (19,730 ) 

American Water Works Co., Inc.

    Deutsche Bank Securities Corp.    Call    USD 38.18       3/27/13      18,800         (14,994 ) 

Enterprise Products Partners LP

    Citigroup Global Markets, Inc.    Call    USD 56.60       3/27/13      10,000         (8,289 ) 

Westar Energy, Inc.

    Deutsche Bank Securities Corp.    Call    USD 29.64       3/27/13      30,000         (14,437 ) 

CMS Energy Corp.

    Morgan Stanley & Co., Inc.    Call    USD 25.62       4/01/13      88,700         (46,717 ) 

Seadrill Partners LLC

    JPMorgan Chase Securities    Call    USD 28.74       4/02/13      13,500         (15,281 ) 

Southern Co.

    Jefferies & Co., Inc.    Call    USD 44.25       4/02/13      265         (16,640 ) 

EDP - Energias do Brasil SA

    JPMorgan Chase Securities    Call    BRL 12.50       4/04/13      45,000         (13,082 ) 

ONEOK Partners LP

    Morgan Stanley & Co., Inc.    Call    USD 60.55       4/04/13      4,500         (3,253 ) 

China Merchants Holdings International Co. Ltd.

    JPMorgan Chase Securities    Call    HKD 27.51       4/10/13      204,000         (28,155 ) 

Power Assets Holdings Ltd.

    JPMorgan Chase Securities    Call    HKD 67.98       4/10/13      195,000         (23,860 ) 

Sydney Airport

    Deutsche Bank Securities Corp.    Call    AUD 3.21       4/10/13      196,000         (19,499 ) 

Transurban Group

    Citigroup Global Markets, Inc.    Call    AUD 6.20       4/10/13      348,200         (39,869 ) 

NorthWestern Corp.

    JPMorgan Chase Securities    Call    USD 37.25       4/11/13      26,000         (17,446 ) 

Williams Partners LP

    UBS Securities LLC    Call    USD 50.79       4/11/13      9,200         (12,918 ) 

Tractebel Energia SA

    JPMorgan Chase Securities    Call    BRL 36.10       4/27/13      39,000         (26,329 ) 

 

  

Total

                   $ (2,554,826 ) 
                 

 

 

  

 

                 
        JANUARY 31, 2013    5

  

 

Schedule of Investments (continued)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

 

 

—  

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  —  

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access

 

  —  

Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  —  

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013:

 

          Level 1        Level 2        Level 3      Total  

Assets:

                    

Investments:

                    

Long-Term Investments:

                    

Common Stocks:

                    

Australia

        –           $8,682,944         –      $ 8,682,944   

Brazil

      $ 46,843,614           –         –        46,843,614   

Canada

        18,961,178           –         –        18,961,178   

France

        –           5,560,853         –        5,560,853   

Germany

        –           2,517,330         –        2,517,330   

Hong Kong

        –           13,261,370         –        13,261,370   

Italy

        3,389,316           14,030,715         –        17,420,031   

Norway

        –           5,373,242         –        5,373,242   

Spain

        –           4,381,313         –        4,381,313   

United Kingdom

        2,305,808           18,664,975         –        20,970,783   

United States

        193,618,711           –         –        193,618,711   

Short-Term Securities

        14,812,194           –         –        14,812,194   

Total

      $ 279,930,821           $72,472,742         –      $ 352,403,563   
                   
        Level 1        Level 2        Level 3      Total  

Derivative Financial Instruments1

                    

Assets:

                    

Foreign currency exchange contracts

      $ 2,121           –         –      $ 2,121   

Liabilities:

                    

Equity contracts

        (413,888 )       $ (2,610,089 )       –        (3,023,977 ) 

Foreign currency exchange contracts

        (6,825 )         –         –        (6,825 ) 

Total

      $ (418,592 )       $ (2,610,089 )       –      $ (3,028,681 ) 

 

  1 

Derivative financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options written are shown at value.

 

                 
6         JANUARY 31, 2013   

  

 

Schedule of Investments (concluded)

   

 

BlackRock Utility and Infrastructure Trust (BUI)

 

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31, 2013, such assets and liabilites are categorized within the disclosure hierarchy as follows:

 

          Level 1      Level 2        Level 3      Total  

Assets:

                    

Foreign currency at value

      $50,273        –         –      $ 50,273   

Liabilities:

                    

Bank overdraft

      –      $ (8,108 )       –        (8,108 ) 

Cash received as collateral for options written

      –        (30,000 )       –        (30,000 ) 

Total

      $50,273      $ (38,108 )       –      $ 12,165   

There were no transfers between levels during the period ended January 31, 2013.

 

                 
        JANUARY 31, 2013    7

Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Utility and Infrastructure Trust

 

By:         

    /s/ John M. Perlowski

   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock Utility and Infrastructure Trust

Date: March 26, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:         

    /s/ John M. Perlowski

   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock Utility and Infrastructure Trust

Date: March 26, 2013

 

By:         

    /s/ Neal J. Andrews

   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock Utility and Infrastructure Trust

Date: March 26, 2013